Unfortunately, I am traveling today and tomorrow and will not be able to post much - in the meantime I want to point my readers to some legacy writing of Seth Klarman.
The Baupost Fund, which Seth Klarman is President, used to file certain SEC filings during the 1990s for one particular fund of theirs. In these filings, Seth Klarman gives his thoughts on the market of the time, the investment process of Baupost, and value investing in general. The readings can be found at the link below (make sure to click the text links and read through the various letters).
I hope you enjoy.